Online Bids have been growing in popularity over the last few years and are set to continue growing in the future due to their cost-saving potential, efficiency, and flexibility. Here are some of the reasons why you should be paying attention to this trend and integrating it into your business right now.
Basic benefit of online bidding
Imagine how convenient it is to open your web browser and bid on any tender you like from anywhere in India. There is no need to rush, stand in line or even step out of your office. The best part about online bidding, however, is that you don’t have to be physically present at a government agency office to win a tender; all you need is a computer and an internet connection and you can get yourself several million shillings worth of business every month.
When should you consider online bidding?
Many individuals will usually consider online bidding when they need to get a product or service that is not available from local businesses. For example, if you live in London and you have a plumbing emergency, it might be hard to find someone who can help you on short notice. You should consider online bidding if you are looking for items that are difficult to find locally. It’s best to consider online bidding as an option only after you’ve exhausted all other possibilities.
How can it benefit your business?
If you run a small or medium-sized business, chances are you’ve never heard of Online Bids for tenders. Not only that, but you might not even know what a tender is. It sounds fancy, sure—and if you’re in a niche business, it might seem like your firm doesn’t have much use for such concepts—but in reality, it just means a request for proposals. Essentially, a tender is an invitation from an organization to companies and/or individuals to pitch ideas and bid on contracts to provide products or services to them. To give a more concrete example, imagine that your city government wants to install a solar power system at one of its facilities. Instead of going through all the hassle of contacting different companies and inviting them to send in their own bids, they can post information about their needs on their website (along with other relevant details), then solicit responses from interested parties through e-mail or another platform.
Challenges faced by bidders
There are few challenges that are faced by bidders during Online bidding of tenders, first one is lower bids could be losing out on opportunities if selection criteria require a minimum value, if your bid doesn’t meet or exceed your competitors it will most likely be rejected before review. The second challenge is not understanding what you are being asked to do as there can often be elements within a tender brief that are not clear. Requesting all bidders to outline their respective skills and qualifications prior to tender going live means suppliers can start compiling their own proposals in response. After reviewing a number of outstanding information request responses you.
